March 11, 2011

January 2011 Crude Oil Imports Total $34.9 Billion

The latest numbers from the Commerce Department show that the trade deficit for January was $46.3 billion, up from $40.3 billion in December. Crude oil imports accounted for $34.9 billion.

For January, America's oil bill jumped 9.5 percent to $34.9 billion, the highest level since October 2008. The average price of imported crude oil rose to $84.34. In recent weeks, oil has been trading above $100 per barrel, so oil imports will likely be even higher in the February and March trade reports.

Source : Associated Press

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